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New York/New Jersey port authority issues preliminary 2009 budget

Yesterday, the Port Authority of New York and New Jersey (PANYNJ) released a preliminary $6.7 billion 2009 budget that calls for record capital spending while keeping operating costs and staffing levels flat.

The authority is budgeting $3.3 billion for capital expenses, a 28 percent increase compared with this year's budget. The money will help fund the continued development of New Jersey Transit's Access to the Region's Core project, which calls for building two single-track tunnels beneath the Hudson River to expand passenger-rail capacity between New Jersey and Manhattan. The capital budget also includes funds to roll out a new fleet of Port Authority Trans-Hudson vehicles and modernize the rail system, as well as expand ExpressRail freight service to the port's marine terminals.  

PANYNJ also has budgeted $2.5 billion for operating expenses and $825 million for debt service.

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More News from 12/12/2008